Income Tax Assessment Act 1997
Part 3-25 inserted by No 56 of 2010, s 3 and Sch 3 item 4, effective 3 June 2010.
Div 276 inserted by No 53 of 2016, s 3 and Sch 1 item 1, effective 5 May 2016. No 53 of 2016 (as amended by No 15 of 2019), s 3 and Sch 8 item 1 contains the following application provision:
S 1(1) amended by No 15 of 2019, s 3 and Sch 1 items 43
-
45, by omitting
"
income years starting on or after
"
after
"
to assessments for
"
, substituting
"
the 2016-17 income year and later income years
"
for
"
1 July 2016
"
in para (a) and inserting
"
income years starting on or after
"
in para (b), effective 1 April 2019 and applicable in relation to the 2016-17 income year and later income years.
1 Application provision
(1)
The amendments apply to assessments for:
(a)
unless paragraph (b) applies
-
the 2016-17 income year and later income years; or
(b)
if the assessment is in respect of a trust, and the trustee of the trust has made a choice under subitem (5)
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income years starting on or after 1 July 2015.
…
(5)
The trustee of a trust may make a choice for the purposes of paragraph (1)(b) if the 2015-16 income year of the trust starts on or after 1 July 2015.
(6)
The choice cannot be revoked.
Subdiv 276-A inserted by No 53 of 2016, s 3 and Sch 1 item 1, effective 5 May 2016. For application provision, see note under Div 276 heading.
SECTION 276-20 Trust with classes of membership interests - each class treated as separate AMIT 276-20(1)
Subsections (2) and (3) apply if:
(a) the *membership interests in an *AMIT for an income year are divided into classes; and
(b) the rights arising from each of those membership interests in a particular class are the same as the rights arising from every other of those membership interests in that class; and
(c) each of those membership interests in a particular class is distinct from each of those membership interests in another class; and
(d) the trustee of the AMIT has made a choice for the purposes of this paragraph that applies to the income year.
276-20(2)
For the purposes of this Division (other than this Subdivision), treat each class of those *membership interests in the *AMIT as being a separate AMIT for that income year.
276-20(3)
For the purposes of this Division, allocate assessable income, *exempt income, *non-assessable non-exempt income, *tax losses, *net capital losses and other similar amounts in respect of the *AMIT between each of the separate classes mentioned in subsection (1) on a fair and reasonable basis.
Making of choice by trustee
276-20(4)
A choice for the purposes of paragraph (1)(d) applies to the income year for which it is made and every subsequent income year.
276-20(5)
A choice for the purposes of paragraph (1)(d) cannot be revoked.
S 276-20 inserted by No 53 of 2016, s 3 and Sch 1 item 1, effective 5 May 2016. For application provision, see note under Div 276 heading.
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